Markets in Canada’s largest centre opened to a fresh record on Tuesday, amid broad, but moderate gains, and as Valeant Pharmaceuticals International jumped on better-than-expected quarterly results.
The S&P/TSX Composite Index gained 34.35 points to begin Tuesday at 16,126.55
The Canadian dollar dipped 0.09 cents to 78.27 cents U.S.
Valeant shares zoomed $2.65, or 17.2%, to $18.08.
Canadian Natural Resources on Tuesday forecast a 17% rise in 2018 production, although it lowered its capital budget for the year.
Natural Resources shares lost 12 cents to $46.62.
Chevron Canada is forging ahead with its first ever Canadian shale play development, targeting the East Kaybob region of central Alberta's Duvernay formation.
CIBC cut the rating on Genworth MI Canada to neutral from outperform, while RBC cut the firm’s rating cuts to underperform from sector perform. Genworth shares gained 53 cents, or 1.3%, to $41.95.
CIBC raised the rating on TVA Group to neutral from underperform. TVA shares advanced 10 cents, or 2.1%, to $4.42.
TD Securities raised the rating on IGM Financial to buy from hold. IGM shares nicked up five cents to $44.99.
Canaccord Genuity cut the rating on Cogeco Communications to hold from buy. Cogeco shares docked a penny to $85.19.
ON BAYSTREET
The TSX Venture Exchange stayed positive 3.62 points to 795.60
Eight of the 12 TSX subgroups were positive in the first hour, led by health-care, up 3.3%, while telecoms and industrials each added 0.4%.
The four laggards were weighed most by energy, declining 0.3%, while information technology and materials each surrendered 0.1%.
ON WALLSTREET
U.S. stocks made new record highs on Tuesday, but remained little changed as the corporate earnings season started to wind down.
The Dow Jones industrial average gained 31.96 points to Monday’s record high to 23,580.38. DowDuPont was the best-performer on 30-stock index.
The S&P 500 picked up 3.1 points to 2,594.23, another all-time peak, with Royal Caribbean as the best-performing stock in the index.
The NASDAQ Composite slipped 6.82 points from Monday’s all-time record to 6,779.62
Nearly 85% of the S&P 500 had reported as of Tuesday morning, with 74% of those companies surpassing earnings expectations
The major averages have had a banner year, rising more than 15% to all-time highs. But the market's rally can be traced back to just after the U.S. presidential election last year. Since Nov. 8, 2016, the indexes are up at least 20%.
Strong corporate earnings, along with improving economic data and the prospects of changes to the U.S. tax code, have helped stocks climb higher since President Donald Trump was elected.
Prices for the benchmark 10-year Treasury note were the same, keeping yields at Monday’s 2.32%.
Oil prices faltered 37 cents a barrel to $56.98 U.S.
Gold prices slid $4.80 an ounce to $1,276.80 U.S.
